On 23 March 2021, Element Leasing LLC placed bonds worth 4 billion roubles on MOEX, with the BCS Global Markets acting as the Arranger.
A long marketing campaign (including an online workshop at the Cbonds-Congress), coupled with professional collaboration between the Issuer and the Arrangers drove enough demand to ensure the full amount placement.
The first coupon rate target during marketing process was no higher than 8.40% per annum (the yield to maturity no higher than 8.67% per annum). As part of bookbuilding, the coupon was set at 8.25% per annum, setting the yield to maturity at 8.51% per annum. The issuе has a maturity of three years, with amortisation starting from Year 2. The issue is assigned 'A- (RU) ' bond rating by Russia’s rating agency ACRA.
Element Leasing LLC (ACRA's rating of 'A-(RU)') offers leasing services in commercial and specialised vehicles, as well as equipment, primarily to SMEs. It is one of the biggest companies in terms of the number of customers and a leader in truck leasing.
A message from management of BCS Global Markets
The continuously evolving nature of the global coronavirus situation has meant we at BCS Global Markets (BCS) are taking all necessary steps to keep business disruption to an absolute minimum.
Effective from today (Wednesday 18th March) employees from all divisions of the business based in our Russia, UK, USA and Cyprus offices who can work from home without creating any even minor possible risk for business continuity of the Group will be working remotely. It is very much business as usual at BCS. Our employees are equipped with secure access to our systems and will follow their normal working hours, keeping in regular contact with their colleagues and clients.
Despite ongoing disruption caused by COVID-19, we want to also assure you that following a sustained period of positive performance, our capital and liquidity position remains very strong. The business is well-placed to meet any subsequent financial challenges and will continue to go above and beyond for our clients.